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To Her Excellency M. Jodi Rell, Governor - page 25 / 25

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On September 24, 2008, the Department of Banking and AARP-Connecticut co-hosted a "Safe Investing Seminar" at the Four Points by Sheraton in Meriden. Panelists included state and federal securities regulators and local law enforcement, in addition to experts from the Elder Services Bureau of the Office of the Chief State’s Attorney and Connecticut TRIAD, the financial fraud and crime prevention program for seniors. Nearly 75 people attended this free conference, which was funded by a grant from the Investor Protection Trust.

In cooperation with the Governor’s Office, the Department of Banking and the Connecticut Insurance Department collaborated in a series of “Financial Forums” to address residents’ concerns over the safety of their investments, mortgages and bank accounts. Five presentations were held in October 2008 in North Haven, Hartford, Waterbury, Bridgeport and Norwalk.

Legislation

Each year the department, with the coordination of the Government Relations and Consumer Affairs Division, conducts an active legislative program. During the 2008 legislative session, one department proposal was enacted into law, Public Act 08-119, An Act Concerning Bank and Credit Union Authority and Nondepository Licenses.

Public Act 08-119 allows the banking commissioner to, under certain circumstances, approve temporary offices or other facilities to provide banking and credit union services to the customers of certain state and foreign banks or credit unions affected by an emergency. The legislation also allows the commissioner to waive or suspend statutory or regulatory requirements for up to 90 days in order to further rapid restoration of services after an emergency if the laws might impede the recovery and restoration of financial services.

In addition, the department worked closely with the Governor’s Office and the Banks

Committee in seeking passage of Public Act 08-176, An Act Concerning Responsible

and

Economic

Security.

This

act

specifically

authorizes

the

Connecticut

Housing

Lending Finance

Authority (CHFA) to continue the CT FAMILIES refinancing and emergency mortgage assistance

refinancing programs.

program and implement mortgage It allows CHFA to develop and

implement a program for it to purchase foreclosed Connecticut property and turn the into supportive and affordable housing. The act requires WorkPlace, Inc., in conjunction

property with the

other crisis

regional workforce development boards and the one-stop centers, to establish a mortgage job training program. The act also requires the chief court administrator, by July 1, 2008,

to

establish

a

foreclosure

mediation

program

in

each

judicial

district.

The

program

ends

in

2010.

Public Act 08-176 establishes a number of requirements for mortgage loans (mainly for nonprime loans) and for mortgage professionals making those loans. The act makes a number of additional regulatory changes for the Department of Banking, including increasing bond requirements for lenders and brokers. It also combines first and second mortgage professionals and makes a number of changes to the National Mortgage Licensing requirements adopted under Public Act 07-156.

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